Insurance Glossary

Tenants Improvements and Betterment's:
The property affixed to an owner's building by the lessee or
tenant which may not be legally removed when the tenant leaves.

Term:
A period of time a policy or bond is issued.

Term Insurance:
Life insurance payable to a beneficiary only when an insured dies
within a specified period, (5, 10, 15, or 20 years). This is the
quickest way to "build" an estate.

Testamentary Trust:
A trust created after the grantor's death, according to the
provisions of the will of its creator.

Third Party Insurance:
The claimant under a liability policy. The person making the
claim is not one of the other two parties, the insured and insurer.

Threshold Level:
The point, measured in money, time, or other ways, for which tort
liability can be established.

Time Limit on Certain Defenses:
The time period in health policies after which the insurer cannot
deny a claim or void the policy because of pre-existing
conditions or misstatements on the application.

Tort:
A private wrong, other than a breach of contract, for which a
court of law will afford legal relief.

Travel Accident Insurance:
A limited insurance contract covering only accidents while an
insured person is traveling.

Trust:
A legal instrument allowing one party to control property for the
benefit of another.

Turnover Rate:
Rate at which employees terminate covered service other than
by death or retirement.

Twisting:
The act of inducing by misrepresentation, or inaccurate or
incomplete comparison, a policyholder in one company to lapse,
forfeit or surrender his insurance for the purpose of taking out a
policy from another company.

Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.